INDIA: A Roadmap for India’s Next Generation of Growth

INDIA: A Roadmap for India’s Next Generation of Growth

Highlight:Leaders in positions of power have to be held accountable for executing projects and development plans – or they should be replaced.


India has the potential to emerge as one of the world’s four largest economies by 2020, but it will require coordinated efforts by current and future leaders from government, industry and civil society to address pressing challenges.


Key Points
• India’s security is under control. The country is no more vulnerable to a terrorist attack than any other, according to its government.
• To succeed in generating the growth it needs to sustain progress over the long term, India must address significant potential bottlenecks such as its infrastructure gap and skills deficit.
• To be more effective in turning words into action, India’s leaders must be held accountable for their performance. If they do not deliver, they should be replaced.
• Business to government: Just do it!

Synopsis
The first part of the session focused on the question of India’s security challenges, which are no different from those faced by other countries, it was argued. The country is no more vulnerable than others and has the capacity to thwart any terrorist attack. Should there be one, India possesses the capacity to contain it and respond in a swift and decisive manner, it was further contended. Disruptions of law and order and the threat of terrorism are affecting India’s ability to promote investment and promote growth.

During the session, the six Summit co-chairs reviewed the discussions of the past three days and how to move forward on an agenda to drive new growth to sustain India’s long-term progress. On the need to address the country’s poor infrastructure, government simply needs to execute its ambitious plans, including the objective of building 20 kilometres of roads a day. India will not generate the millions of new jobs it needs in the coming decades if it does not resolve its infrastructure gap.

This got to the heart of a major challenge for the country – to get from words to action. Plans and ambitions are one thing; execution is what yields real results. Indeed, there has been talk for years about India’s need to empower women and educate girls. Yet, its performance in the recent World Economic Forum Global Gender Gap Report was poor, prompting calls for an urgent meeting of relevant government ministers with business and civil society leaders to make the issue a top priority – an economic imperative and not just a good thing to do.

India also has to be more effective in addressing its demographic challenges, especially addressing its “youth bulge” and mobilizing its abundant human resources to ensure that growth is inclusive. If the large numbers of young people are not educated, their lack of skills could lead to dislocation and instability. In general, India must address its severe skills deficit, especially at the middle-income level.

Even so, India must still pay attention to the bottom of the pyramid and the half a billion of its citizens without access to electricity. They must be given power in an environmentally responsible way, through clean energy sources. To do this, India will have to harness its considerable potential for innovation, especially its capacity to find creative low-cost solutions. India could find a lucrative global niche by developing new business models based on low-cost innovations, particularly in green technology and manufacturing.

To move forward, however, this agenda for new growth will require laser-point determination that even many of those familiar with India and Indians themselves doubt the country has. Few doubt that India has the capacity to find solutions to its problems and contribute what it can to address global priorities. The missing factor has been accountability.

Leaders in positions of power have to be held accountable for executing projects and development plans – or they should be replaced. The stakes are high. If any one of the major challenges India faces, such as infrastructure or the skills deficit, is not properly addressed, they are more than likely to become serious bottlenecks to sustainable growth.

source: India Economic Summit